Hello October
The fall market is in full gear with sales dropping slightly by 4% in September. One would think this would also mean that prices would also decrease.
Unfortunately for the many home buyers out there that’s not the case. Prices are up 6% year over year for all home types.
Leading the way are freeholds, up an incredible 26% over last year. Freehold’s in September 2021 shot up to 1.4M, this is a big jump from the August 1.3M average which had held steady throughout the summer months.
We initially saw a big jump on average Freehold prices from Jan 2021 – April 2021 when sales and appreciation skyrocketed lead by high demand and low inventory.
After a slightly calmer summer here we go again with record low inventory and buyer demand still high.
Freehold inventory is at historic lows with only 1600 active listings available in the GTA (see slide 3). The GTA has less than 1 month of inventory (slide 4) before we sell out of all Freeholds. A balanced market should have 4-5 Months of Inventory.
Condos have a bit more with 1.35 Months.
Everything is underpriced for a bidding war and everything is selling. We usually have around 11,000 homes for sale in September when looking back to 2018, 2019 averages, we currently have just over 4600.
This is a very tough environment for buyers but not impossible. Patience, focus and a good plan with a willingness to move fast when you find the right property are a must.
All slides can be found via Realosophy.com
As always if you have any questions or just want to talk Real Estate send me an email.